{"id":68419,"date":"2025-10-09T15:52:14","date_gmt":"2025-10-09T06:52:14","guid":{"rendered":"https:\/\/monolith.law\/zh-cn\/?p=68419"},"modified":"2025-10-16T05:01:45","modified_gmt":"2025-10-15T20:01:45","slug":"debt-equity-swap-japan","status":"publish","type":"post","link":"https:\/\/monolith.law\/zh-cn\/general-corporate\/debt-equity-swap-japan","title":{"rendered":"\u5728\u65e5\u672c\u516c\u53f8\u6cd5\u4e2d\u503a\u52a1\u8f6c\u6362\u80a1\u6743(DES)\u7684\u5b9e\u52a1\u89e3\u91ca"},"content":{"rendered":"\n<p>\u503a\u52a1\u80a1\u6743\u8f6c\u6362\uff08Debt-Equity Swap\uff0c\u4ee5\u4e0b\u7b80\u79f0\u201cDES\u201d\uff09\u662f\u4f01\u4e1a\u6539\u5584\u8d22\u52a1\u72b6\u51b5\u548c\u5b9e\u65bd\u7ecf\u8425\u91cd\u5efa\u7684\u6709\u529b\u624b\u6bb5\u3002\u8be5\u4ea4\u6613\u6307\u7684\u662f\u4f01\u4e1a\u5c06\u5176\u6240\u627f\u62c5\u7684\u503a\u52a1\uff08Debt\uff09\u8f6c\u6362\u4e3a\u516c\u53f8\u80a1\u672c\uff08Equity\uff09\u4e2d\u7684\u80a1\u4efd\u3002\u5177\u4f53\u6765\u8bf4\uff0c\u6301\u6709\u516c\u53f8\u503a\u6743\u7684\u503a\u6743\u4eba\u5c06\u5176\u503a\u6743\u8f6c\u4e3a\u516c\u53f8\u51fa\u8d44\uff0c\u5e76\u56e0\u6b64\u83b7\u5f97\u516c\u53f8\u7684\u80a1\u4efd\u3002\u8fd9\u79cd\u65b9\u6cd5\u6f5c\u5728\u5730\u80fd\u591f\u620f\u5267\u6027\u5730\u6539\u5584\u8d1f\u503a\u7d2f\u7d2f\u7684\u4f01\u4e1a\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u3002\u4f8b\u5982\uff0c\u901a\u8fc7\u51cf\u5c11\u503a\u52a1\u548c\u589e\u52a0\u81ea\u6709\u8d44\u672c\uff0c\u53ef\u4ee5\u6d88\u9664\u8d44\u4e0d\u62b5\u503a\u7684\u72b6\u6001\uff0c\u5e76\u6062\u590d\u91d1\u878d\u673a\u6784\u548c\u4e1a\u52a1\u4f19\u4f34\u7684\u4fe1\u7528\u3002\u6b64\u5916\uff0c\u5728\u5e76\u8d2d\uff08M&amp;A\uff09\u548c\u4e1a\u52a1\u7ee7\u627f\u7684\u80cc\u666f\u4e0b\uff0c\u4e5f\u53ef\u4ee5\u7528\u6765\u6574\u7406\u7ee7\u627f\u4f01\u4e1a\u7684\u503a\u52a1\uff0c\u51cf\u8f7b\u7ee7\u4efb\u8005\u7684\u8d1f\u62c5\u3002\u7136\u800c\uff0c\u80cc\u540e\u6709\u7740\u65e5\u672c\u516c\u53f8\u6cd5\u548c\u7a0e\u6cd5\u89c4\u5b9a\u7684\u590d\u6742\u89c4\u5b9a\u3002\u5728\u6cd5\u5f8b\u4e0a\uff0cDES\u88ab\u89c6\u4e3a\u4e00\u79cd\u7279\u6b8a\u5f62\u5f0f\u7684\u589e\u8d44\uff0c\u5373\u201c\u5b9e\u7269\u51fa\u8d44\u201d\uff0c\u56e0\u6b64\u6267\u884c\u65f6\u9700\u8981\u9075\u5faa\u4e25\u683c\u7684\u7a0b\u5e8f\u3002\u672c\u6587\u5c06\u57fa\u4e8e\u65e5\u672c\u7684\u6cd5\u5f8b\uff0c\u8be6\u7ec6\u89e3\u91caDES\u7684\u6cd5\u5f8b\u6027\u8d28\u3001\u7ecf\u8425\u4e0a\u7684\u4f18\u52bf\u548c\u98ce\u9669\u3001\u5177\u4f53\u7684\u6cd5\u5f8b\u7a0b\u5e8f\uff0c\u4ee5\u53ca\u5728\u5b9e\u52a1\u64cd\u4f5c\u4e2d\u9700\u8981\u7279\u522b\u6ce8\u610f\u7684\u4e8b\u9879\u3002<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/zh-cn\/general-corporate\/debt-equity-swap-japan\/#%E5%80%BA%E5%8A%A1%E8%82%A1%E6%9D%83%E8%BD%AC%E6%8D%A2%EF%BC%88DES%EF%BC%89%E6%A6%82%E8%BF%B0%E5%8F%8A%E5%85%B6%E5%9C%A8%E6%97%A5%E6%9C%AC%E6%B3%95%E5%BE%8B%E6%80%A7%E8%B4%A8\" title=\"\u503a\u52a1\u80a1\u6743\u8f6c\u6362\uff08DES\uff09\u6982\u8ff0\u53ca\u5176\u5728\u65e5\u672c\u6cd5\u5f8b\u6027\u8d28\">\u503a\u52a1\u80a1\u6743\u8f6c\u6362\uff08DES\uff09\u6982\u8ff0\u53ca\u5176\u5728\u65e5\u672c\u6cd5\u5f8b\u6027\u8d28<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/zh-cn\/general-corporate\/debt-equity-swap-japan\/#DES%E5%9C%A8%E6%97%A5%E6%9C%AC%E5%B8%A6%E6%9D%A5%E7%9A%84%E7%BB%8F%E8%90%A5%E4%BC%98%E5%8A%BF%E4%B8%8E%E6%BD%9C%E5%9C%A8%E9%A3%8E%E9%99%A9\" title=\"DES\u5728\u65e5\u672c\u5e26\u6765\u7684\u7ecf\u8425\u4f18\u52bf\u4e0e\u6f5c\u5728\u98ce\u9669\">DES\u5728\u65e5\u672c\u5e26\u6765\u7684\u7ecf\u8425\u4f18\u52bf\u4e0e\u6f5c\u5728\u98ce\u9669<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/zh-cn\/general-corporate\/debt-equity-swap-japan\/#%E5%9C%A8%E6%97%A5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%B3%95%E4%B8%8B%E5%AE%9E%E6%96%BDDES%E7%9A%84%E7%A8%8B%E5%BA%8F\" title=\"\u5728\u65e5\u672c\u516c\u53f8\u6cd5\u4e0b\u5b9e\u65bdDES\u7684\u7a0b\u5e8f\">\u5728\u65e5\u672c\u516c\u53f8\u6cd5\u4e0b\u5b9e\u65bdDES\u7684\u7a0b\u5e8f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/zh-cn\/general-corporate\/debt-equity-swap-japan\/#%E5%9C%A8%E6%97%A5%E6%9C%AC%E5%AE%9E%E6%96%BDDES%E6%97%B6%E7%9A%84%E9%87%8D%E8%A6%81%E6%B3%95%E5%BE%8B%E4%B8%8E%E7%A8%8E%E5%8A%A1%E6%B3%A8%E6%84%8F%E4%BA%8B%E9%A1%B9\" title=\"\u5728\u65e5\u672c\u5b9e\u65bdDES\u65f6\u7684\u91cd\u8981\u6cd5\u5f8b\u4e0e\u7a0e\u52a1\u6ce8\u610f\u4e8b\u9879\">\u5728\u65e5\u672c\u5b9e\u65bdDES\u65f6\u7684\u91cd\u8981\u6cd5\u5f8b\u4e0e\u7a0e\u52a1\u6ce8\u610f\u4e8b\u9879<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/zh-cn\/general-corporate\/debt-equity-swap-japan\/#%E5%AD%A6%E4%B9%A0%E6%97%A5%E6%9C%AC%E6%A1%88%E4%BE%8B%E9%A3%8E%E9%99%A9%EF%BC%9A%E4%B8%93%E5%AE%B6%E8%A7%A3%E9%87%8A%E4%B9%89%E5%8A%A1%E8%A2%AB%E4%B8%A5%E6%A0%BC%E8%BF%BD%E7%A9%B6%E7%9A%84%E6%A1%88%E4%BE%8B\" title=\"\u5b66\u4e60\u65e5\u672c\u6848\u4f8b\u98ce\u9669\uff1a\u4e13\u5bb6\u89e3\u91ca\u4e49\u52a1\u88ab\u4e25\u683c\u8ffd\u7a76\u7684\u6848\u4f8b\">\u5b66\u4e60\u65e5\u672c\u6848\u4f8b\u98ce\u9669\uff1a\u4e13\u5bb6\u89e3\u91ca\u4e49\u52a1\u88ab\u4e25\u683c\u8ffd\u7a76\u7684\u6848\u4f8b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/zh-cn\/general-corporate\/debt-equity-swap-japan\/#%E5%8F%A6%E4%B8%80%E7%A7%8D%E6%96%B9%E6%B3%95%EF%BC%9A%E4%B8%8E%E2%80%9C%E6%8B%9F%E6%80%81DES%E2%80%9D%E6%AF%94%E8%BE%83\" title=\"\u53e6\u4e00\u79cd\u65b9\u6cd5\uff1a\u4e0e\u201c\u62df\u6001DES\u201d\u6bd4\u8f83\">\u53e6\u4e00\u79cd\u65b9\u6cd5\uff1a\u4e0e\u201c\u62df\u6001DES\u201d\u6bd4\u8f83<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/zh-cn\/general-corporate\/debt-equity-swap-japan\/#%E6%80%BB%E7%BB%93\" title=\"\u603b\u7ed3\">\u603b\u7ed3<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%80%BA%E5%8A%A1%E8%82%A1%E6%9D%83%E8%BD%AC%E6%8D%A2%EF%BC%88DES%EF%BC%89%E6%A6%82%E8%BF%B0%E5%8F%8A%E5%85%B6%E5%9C%A8%E6%97%A5%E6%9C%AC%E6%B3%95%E5%BE%8B%E6%80%A7%E8%B4%A8\"><\/span>\u503a\u52a1\u80a1\u6743\u8f6c\u6362\uff08DES\uff09\u6982\u8ff0\u53ca\u5176\u5728\u65e5\u672c\u6cd5\u5f8b\u6027\u8d28<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u7406\u89e3\u503a\u52a1\u80a1\u6743\u8f6c\u6362\uff08DES\uff09\u6700\u91cd\u8981\u7684\u4e00\u70b9\u662f\uff0c\u5b83\u5728\u65e5\u672c\u516c\u53f8\u6cd5\u4e2d\u88ab\u5b9a\u4f4d\u4e3a\u4e00\u79cd\u201c\u5b9e\u7269\u51fa\u8d44\u201d\u3002\u901a\u5e38\uff0c\u80a1\u4efd\u7684\u627f\u63a5\u65b9\u4f1a\u5411\u516c\u53f8\u652f\u4ed8\u73b0\u91d1\uff0c\u4f46\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c199\u6761\u7b2c1\u6b3e\u7b2c3\u53f7\u5141\u8bb8\u4ee5\u975e\u8d27\u5e01\u8d22\u4ea7\u4f5c\u4e3a\u51fa\u8d44\u76ee\u7684<sup><\/sup>\u3002\u8fd9\u79cd\u975e\u8d27\u5e01\u8d22\u4ea7\u7684\u51fa\u8d44\u5373\u4e3a\u201c\u5b9e\u7269\u51fa\u8d44\u201d\u3002\u5728DES\u4ea4\u6613\u4e2d\uff0c\u503a\u6743\u4eba\u4e0d\u662f\u5411\u516c\u53f8\u652f\u4ed8\u73b0\u91d1\uff0c\u800c\u662f\u5c06\u81ea\u5df1\u6301\u6709\u7684\u201c\u5bf9\u516c\u53f8\u7684\u8d27\u5e01\u503a\u6743\u201d\u4f5c\u4e3a\u51fa\u8d44<sup><\/sup>\u3002<\/p>\n\n\n\n<p>\u4ea4\u6613\u7684\u7ed3\u679c\u662f\uff0c\u516c\u53f8\u83b7\u5f97\u4e86\u51fa\u8d44\u7684\u8d27\u5e01\u503a\u6743\u3002\u4e5f\u5c31\u662f\u8bf4\uff0c\u516c\u53f8\u6210\u4e3a\u4e86\u81ea\u5df1\u5bf9\u503a\u52a1\u7684\u503a\u6743\u4eba\u3002\u5f53\u503a\u6743\u548c\u503a\u52a1\u5f52\u5c5e\u4e8e\u540c\u4e00\u4e3b\u4f53\u65f6\uff0c\u6839\u636e\u65e5\u672c\u6c11\u6cd5\u7b2c520\u6761\u7684\u201c\u6df7\u540c\u201d\u539f\u5219\uff0c\u8fd9\u4e9b\u503a\u6743\u548c\u503a\u52a1\u5c06\u6d88\u706d<sup><\/sup>\u3002\u56e0\u6b64\uff0c\u516c\u53f8\u53ef\u4ee5\u901a\u8fc7\u53d1\u884c\u80a1\u4efd\u6765\u589e\u5f3a\u8d44\u672c\uff0c\u540c\u65f6\u6d88\u9664\u76f8\u5e94\u7684\u8d1f\u503a\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\uff0cDES\u4f5c\u4e3a\u6cd5\u5f8b\u4e0a\u7684\u5b9e\u7269\u51fa\u8d44\uff0c\u8fd9\u4e00\u4e8b\u5b9e\u5177\u6709\u8d85\u8d8a\u6280\u672f\u5206\u7c7b\u7684\u610f\u4e49\u3002\u65e5\u672c\u516c\u53f8\u6cd5\u5bf9\u5b9e\u7269\u51fa\u8d44\u8bbe\u5b9a\u4e86\u4e25\u683c\u7684\u89c4\u5b9a\uff0c\u76ee\u7684\u662f\u4e3a\u4e86\u9632\u6b62\u65e0\u4ef7\u503c\u6216\u8fc7\u9ad8\u4f30\u4ef7\u7684\u8d44\u4ea7\u88ab\u51fa\u8d44\uff0c\u4ece\u800c\u5b9e\u8d28\u4e0a\u635f\u5bb3\u516c\u53f8\u8d44\u672c\uff0c\u4f7f\u5176\u4ed6\u80a1\u4e1c\u6216\u516c\u53f8\u503a\u6743\u4eba\u53d7\u5230\u4e0d\u5229\u5f71\u54cd<sup><\/sup>\u3002\u56e0\u6b64\uff0c\u5728\u6267\u884cDES\u65f6\uff0c\u51c6\u786e\u9075\u5b88\u8fd9\u4e00\u7cfb\u5217\u5173\u4e8e\u5b9e\u7269\u51fa\u8d44\u7684\u6cd5\u5f8b\u7a0b\u5e8f\u662f\u81f3\u5173\u91cd\u8981\u7684\u3002\u7406\u89e3\u8fd9\u4e00\u6cd5\u5f8b\u6027\u8d28\u662f\u638c\u63e1DES\u6240\u6709\u7a0b\u5e8f\u548c\u98ce\u9669\u7684\u8d77\u70b9\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"DES%E5%9C%A8%E6%97%A5%E6%9C%AC%E5%B8%A6%E6%9D%A5%E7%9A%84%E7%BB%8F%E8%90%A5%E4%BC%98%E5%8A%BF%E4%B8%8E%E6%BD%9C%E5%9C%A8%E9%A3%8E%E9%99%A9\"><\/span>DES\u5728\u65e5\u672c\u5e26\u6765\u7684\u7ecf\u8425\u4f18\u52bf\u4e0e\u6f5c\u5728\u98ce\u9669<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u503a\u52a1\u91cd\u7ec4\u80a1\u6743\u4ea4\u6362\uff08DES\uff09\u662f\u5bf9\u503a\u52a1\u4eba\u5373\u516c\u53f8\u548c\u503a\u6743\u4eba\u53cc\u65b9\u800c\u8a00\uff0c\u6d89\u53ca\u91cd\u8981\u7ecf\u8425\u51b3\u7b56\u7684\u6218\u7565\u9009\u62e9\u3002\u5fc5\u987b\u8c28\u614e\u6bd4\u8f83\u548c\u8003\u8651\u5176\u4f18\u52bf\u4e0e\u98ce\u9669\u3002<\/p>\n\n\n\n<p>\u9996\u5148\uff0c\u4ece\u503a\u52a1\u4eba\u5373\u516c\u53f8\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u6700\u5927\u7684\u4f18\u52bf\u662f\u8d22\u52a1\u72b6\u51b5\u7684\u6839\u672c\u6539\u5584\u3002\u501f\u6b3e\u8f6c\u6362\u4e3a\u8d44\u672c\uff0c\u4ece\u800c\u51cf\u5c11\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u8d1f\u503a\u5e76\u589e\u52a0\u51c0\u8d44\u4ea7\u3002\u8fd9\u6837\u53ef\u4ee5\u63d0\u9ad8\u81ea\u6709\u8d44\u672c\u6bd4\u7387\uff0c\u6709\u53ef\u80fd\u6446\u8131\u8d1f\u503a\u8d85\u989d\u7684\u72b6\u6001\u3002\u5982\u679c\u5bf9\u5916\u4fe1\u7528\u5f97\u4ee5\u6062\u590d\uff0c\u53ef\u4ee5\u671f\u5f85\u4ece\u91d1\u878d\u673a\u6784\u83b7\u5f97\u65b0\u7684\u8d37\u6b3e\u548c\u6539\u5584\u4e0e\u4ea4\u6613\u4f19\u4f34\u7684\u5173\u7cfb\u3002\u6b64\u5916\uff0c\u7531\u4e8e\u4e0d\u9700\u8981\u507f\u8fd8\u501f\u6b3e\u548c\u652f\u4ed8\u5229\u606f\uff0c\u73b0\u91d1\u6d41\u5c06\u5927\u5e45\u6539\u5584\uff0c\u53ef\u4ee5\u5c06\u8d44\u91d1\u7528\u4e8e\u4e1a\u52a1\u91cd\u5efa\u548c\u589e\u957f\u6295\u8d44\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u516c\u53f8\u65b9\u9762\u4e5f\u5b58\u5728\u4e0d\u5bb9\u5ffd\u89c6\u7684\u98ce\u9669\u3002\u6700\u5927\u7684\u98ce\u9669\u662f\u7ecf\u8425\u6743\u7684\u7a00\u91ca\u3002\u4e4b\u524d\u4ec5\u662f\u503a\u6743\u4eba\u7684\u91d1\u878d\u673a\u6784\u7b49\u6210\u4e3a\u80a1\u4e1c\uff0c\u901a\u8fc7\u884c\u4f7f\u8868\u51b3\u6743\uff0c\u5bf9\u7ecf\u8425\u4ea7\u751f\u76f4\u63a5\u5f71\u54cd\u3002\u8fd9\u53ef\u80fd\u5bfc\u81f4\u73b0\u6709\u80a1\u4e1c\u7684\u63a7\u5236\u529b\u4e0b\u964d\uff0c\u7ecf\u8425\u81ea\u7531\u5ea6\u53d7\u5230\u9650\u5236\u3002\u6b64\u5916\uff0c\u867d\u7136\u4e0d\u518d\u652f\u4ed8\u5229\u606f\uff0c\u4f46\u5982\u679c\u4e1a\u7ee9\u6062\u590d\uff0c\u53ef\u80fd\u9700\u8981\u5411\u65b0\u80a1\u4e1c\u652f\u4ed8\u80a1\u606f\u3002\u8fd8\u6709\uff0c\u5982\u679c\u901a\u8fc7\u589e\u8d44\u4f7f\u5f97\u8d44\u672c\u91d1\u8d85\u8fc71\u4ebf\u65e5\u5143\uff0c\u5c31\u4e0d\u80fd\u4eab\u53d7\u7a0e\u6cd5\u4e0a\u9488\u5bf9\u4e2d\u5c0f\u4f01\u4e1a\u7684\u4f18\u60e0\u63aa\u65bd\uff0c\u8fd9\u662f\u5fc5\u987b\u8003\u8651\u7684\u7a0e\u52a1\u4e0a\u7684\u7f3a\u70b9\u3002<\/p>\n\n\n\n<p>\u63a5\u4e0b\u6765\uff0c\u4ece\u503a\u6743\u4eba\u7684\u89d2\u5ea6\u6765\u770b\uff0c\u5bf9\u4e8e\u6fd2\u4e34\u7ecf\u8425\u7834\u4ea7\u7684\u4f01\u4e1a\uff0cDES\u53ef\u80fd\u662f\u56de\u6536\u503a\u6743\u7684\u73b0\u5b9e\u9009\u62e9\u3002\u5982\u679c\u653e\u5f03\u503a\u6743\uff0c\u90a3\u4e48\u8fd9\u4e9b\u503a\u6743\u5c06\u5b8c\u5168\u4e27\u5931\uff0c\u4f46\u901a\u8fc7DES\u83b7\u5f97\u80a1\u4efd\uff0c\u5219\u6709\u673a\u4f1a\u8ffd\u6c42\u672a\u6765\u7684\u4e0a\u5347\u7a7a\u95f4\u3002\u5982\u679c\u516c\u53f8\u91cd\u5efa\u6210\u529f\uff0c\u6301\u6709\u7684\u80a1\u4efd\u4ef7\u503c\u4e0a\u5347\uff0c\u53ef\u4ee5\u901a\u8fc7\u51fa\u552e\u80a1\u4efd\u83b7\u5f97\u8d44\u672c\u5229\u5f97\u6216\u901a\u8fc7\u80a1\u606f\u6536\u5165\uff0c\u5b9e\u73b0\u8d85\u8fc7\u6700\u521d\u503a\u6743\u91d1\u989d\u7684\u56de\u62a5\u3002\u4f5c\u4e3a\u80a1\u4e1c\u53c2\u4e0e\u7ecf\u8425\uff0c\u53ef\u4ee5\u76d1\u7763\u91cd\u5efa\u8fc7\u7a0b\uff0c\u5e76\u79ef\u6781\u884c\u52a8\u4ee5\u6700\u5927\u5316\u81ea\u5df1\u7684\u6295\u8d44\u4ef7\u503c\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u503a\u6743\u4eba\u9762\u4e34\u7684\u98ce\u9669\u4e5f\u662f\u91cd\u5927\u7684\u3002\u6700\u5927\u7684\u98ce\u9669\u662f\u6cd5\u5f8b\u4e0a\u7684\u7d22\u8d54\u6743\u4f4d\u6b21\u964d\u4f4e\u3002\u4f5c\u4e3a\u516c\u53f8\u8d44\u4ea7\u7684\u4f18\u5148\u507f\u8fd8\u6743\u4f4d\u7684\u8d37\u6b3e\u503a\u6743\uff0c\u8f6c\u53d8\u4e3a\u6700\u52a3\u540e\u7684\u7d22\u8d54\u6743\u80a1\u4efd\u3002\u5982\u679c\u516c\u53f8\u91cd\u5efa\u5931\u8d25\u5e76\u88ab\u6e05\u7b97\uff0c\u80a1\u4efd\u4ef7\u503c\u5c06\u5f52\u96f6\uff0c\u56de\u6536\u6295\u8d44\u5c06\u53d8\u5f97\u6781\u4e3a\u56f0\u96be\u3002\u6b64\u5916\uff0c\u8fd8\u4f1a\u5931\u53bb\u5408\u540c\u4e0a\u7684\u5229\u606f\u6536\u5165\u3002\u5982\u679c\u76ee\u6807\u4f01\u4e1a\u662f\u975e\u4e0a\u5e02\u516c\u53f8\uff0c\u83b7\u5f97\u7684\u80a1\u4efd\u6ca1\u6709\u5e02\u573a\u6027\uff0c\u5f88\u96be\u901a\u8fc7\u51fa\u552e\u53d8\u73b0\uff0c\u8fd9\u5c31\u5e26\u6765\u4e86\u6d41\u52a8\u6027\u95ee\u9898\u3002\u672c\u8d28\u4e0a\uff0cDES\u662f\u503a\u6743\u4eba\u4ece\u4f4e\u98ce\u9669\u4f4e\u56de\u62a5\u7684\u201c\u9632\u5b88\u201d\u7acb\u573a\uff0c\u8f6c\u53d8\u4e3a\u9ad8\u98ce\u9669\u9ad8\u56de\u62a5\u7684\u201c\u8fdb\u653b\u201d\u7acb\u573a\u7684\u6839\u672c\u6027\u6295\u8d44\u7b56\u7565\u8f6c\u6362\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%9C%A8%E6%97%A5%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%B3%95%E4%B8%8B%E5%AE%9E%E6%96%BDDES%E7%9A%84%E7%A8%8B%E5%BA%8F\"><\/span>\u5728\u65e5\u672c\u516c\u53f8\u6cd5\u4e0b\u5b9e\u65bdDES\u7684\u7a0b\u5e8f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u7531\u4e8eDES\u6d89\u53ca\u5b9e\u7269\u51fa\u8d44\uff0c\u56e0\u6b64\u539f\u5219\u4e0a\u9700\u8981\u9075\u5faa\u65e5\u672c\u516c\u53f8\u6cd5\u89c4\u5b9a\u7684\u4e25\u683c\u7a0b\u5e8f\u3002\u5176\u4e2d\u6838\u5fc3\u662f\u7531\u6cd5\u9662\u6307\u5b9a\u7684\u68c0\u67e5\u5b98\u8fdb\u884c\u7684\u8c03\u67e5\u5236\u5ea6\u3002<\/p>\n\n\n\n<p>\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c207\u6761\u7b2c1\u6b3e\u89c4\u5b9a\uff0c\u5728\u8fdb\u884c\u5b9e\u7269\u51fa\u8d44\u65f6\uff0c\u516c\u53f8\u5fc5\u987b\u5411\u6cd5\u9662\u7533\u8bf7\u6307\u5b9a\u68c0\u67e5\u5b98\uff0c\u4ee5\u8c03\u67e5\u6240\u51fa\u8d44\u7684\u8d22\u4ea7\u4ef7\u503c\u662f\u5426\u5408\u7406\u3002\u8fd9\u4e00\u7a0b\u5e8f\u662f\u4e3a\u4e86\u9632\u6b62\u5b9e\u7269\u51fa\u8d44\u8d22\u4ea7\u7684\u8fc7\u9ad8\u4f30\u4ef7\uff0c\u5e76\u786e\u4fdd\u516c\u53f8\u8d44\u672c\u7684\u5145\u5b9e\uff0c\u867d\u7136\u662f\u4e00\u4e2a\u91cd\u8981\u5236\u5ea6\uff0c\u4f46\u7531\u4e8e\u8017\u65f6\u4e14\u6210\u672c\u9ad8\u6602\uff0c\u56e0\u6b64\u5728\u5b9e\u52a1\u64cd\u4f5c\u4e2d\u6784\u6210\u4e86\u5de8\u5927\u8d1f\u62c5\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u65e5\u672c\u516c\u53f8\u6cd5\u5bf9\u8fd9\u4e00\u539f\u5219\u8bbe\u5b9a\u4e86\u91cd\u8981\u7684\u4f8b\u5916\u3002\u65e5\u672c\u516c\u53f8\u6cd5\u7b2c207\u6761\u7b2c9\u6b3e\u5217\u4e3e\u4e86\u591a\u79cd\u60c5\u51b5\uff0c\u5728\u7279\u5b9a\u6761\u4ef6\u4e0b\u53ef\u4ee5\u514d\u9664\u68c0\u67e5\u5b98\u8c03\u67e5\uff0c\u800c\u8fd9\u4e9b\u4f8b\u5916\u89c4\u5b9a\u6b63\u662f\u4f7fDES\u5f97\u4ee5\u5b9e\u9645\u6267\u884c\u7684\u5173\u952e\u3002\u4e0eDES\u6700\u76f8\u5173\u7684\u662f\u540c\u6b3e\u7b2c5\u53f7\u7684\u89c4\u5b9a\u3002\u6839\u636e\u8fd9\u4e00\u89c4\u5b9a\uff0c\u5982\u679c\u51fa\u8d44\u7684\u8d22\u4ea7\u662f\u201c\u5bf9\u80a1\u4efd\u6709\u9650\u516c\u53f8\u7684\u8d27\u5e01\u503a\u6743\u201d\uff0c\u5e76\u4e14\u6ee1\u8db3\u4ee5\u4e0b\u4e24\u4e2a\u6761\u4ef6\uff0c\u5219\u65e0\u9700\u8fdb\u884c\u68c0\u67e5\u5b98\u7684\u8c03\u67e5\uff1a<\/p>\n\n\n\n<ol start=\"1\">\n<li>\u8be5\u8d27\u5e01\u503a\u6743\u7684\u507f\u8fd8\u671f\u9650\u5df2\u5230\u3002<\/li>\n\n\n\n<li>\u89c4\u5b9a\u7684\u51fa\u8d44\u91d1\u989d\u4e0d\u8d85\u8fc7\u8be5\u8d27\u5e01\u503a\u6743\u76f8\u5173\u503a\u52a1\u7684\u8d26\u9762\u4ef7\u503c\u3002<\/li>\n<\/ol>\n\n\n\n<p>\u8fd9\u4e00\u89c4\u5b9a\u65e8\u5728\u4e3aDES\u7684\u987a\u5229\u8fdb\u884c\u63d0\u4f9b\u4fbf\u5229\u3002\u5f53\u516c\u53f8\u81ea\u8eab\u7684\u503a\u52a1\u4f5c\u4e3a\u5b9e\u7269\u51fa\u8d44\u65f6\uff0c\u5176\u4ef7\u503c\u53ef\u4ee5\u901a\u8fc7\u516c\u53f8\u7684\u8d26\u7c3f\u5ba2\u89c2\u786e\u8ba4\uff0c\u56e0\u6b64\u8fc7\u9ad8\u4f30\u4ef7\u7684\u98ce\u9669\u8f83\u4f4e\uff0c\u4ece\u800c\u88ab\u8ba4\u4e3a\u65e0\u9700\u8fdb\u884c\u68c0\u67e5\u5b98\u7684\u8c03\u67e5\u3002\u5b9e\u52a1\u4e0a\uff0c\u5982\u679c\u76ee\u6807\u503a\u6743\u7684\u507f\u8fd8\u671f\u9650\u5c1a\u672a\u5230\u6765\uff0c\u516c\u53f8\u4f5c\u4e3a\u503a\u52a1\u4eba\u53ef\u4ee5\u901a\u8fc7\u58f0\u660e\u201c\u653e\u5f03\u671f\u9650\u7684\u5229\u76ca\u201d\u6765\u4eba\u4e3a\u63d0\u524d\u507f\u8fd8\u671f\u9650\uff0c\u4ee5\u6ee1\u8db3\u8fd9\u4e00\u8981\u6c42\uff0c\u8fd9\u79cd\u505a\u6cd5\u5df2\u88ab\u5e7f\u6cdb\u91c7\u7528\u3002<\/p>\n\n\n\n<p>\u57fa\u4e8e\u8fd9\u4e9b\u89c4\u5b9a\uff0cDES\u7684\u4e00\u822c\u7a0b\u5e8f\u6d41\u7a0b\u5982\u4e0b\uff1a\u9996\u5148\uff0c\u516c\u53f8\u4e0e\u503a\u6743\u4eba\u5c31\u6267\u884cDES\u8fbe\u6210\u534f\u8bae\u3002\u63a5\u7740\uff0c\u516c\u53f8\u8463\u4e8b\u4f1a\u51b3\u8bae\u53d1\u884c\u52df\u96c6\u80a1\u4efd\u7684\u76f8\u5173\u4e8b\u9879\uff0c\u5e76\u5728\u80a1\u4e1c\u5927\u4f1a\u4e0a\u83b7\u5f97\u7279\u522b\u51b3\u8bae\uff08\u539f\u5219\u4e0a\uff0c\u62e5\u6709\u8fc7\u534a\u6570\u8868\u51b3\u6743\u7684\u80a1\u4e1c\u51fa\u5e2d\uff0c\u5e76\u4e14\u51fa\u5e2d\u7684\u80a1\u4e1c\u8868\u51b3\u6743\u7684\u4e09\u5206\u4e4b\u4e8c\u4ee5\u4e0a\u540c\u610f\uff09\u3002\u83b7\u5f97\u627f\u8ba4\u540e\uff0c\u503a\u6743\u4eba\u8fdb\u884c\u80a1\u4efd\u8ba4\u8d2d\u7533\u8bf7\uff0c\u516c\u53f8\u8fdb\u884c\u80a1\u4efd\u5206\u914d\u3002\u7136\u540e\uff0c\u5728\u6548\u529b\u53d1\u751f\u65e5\u8d77\u4e24\u5468\u5185\uff0c\u5411\u6cd5\u52a1\u5c40\u7533\u8bf7\u53d8\u66f4\u767b\u8bb0\u3002\u5728\u6b64\u8fc7\u7a0b\u4e2d\uff0c\u9664\u4e86\u767b\u8bb0\u7533\u8bf7\u4e66\u5916\uff0c\u8fd8\u9700\u9644\u4e0a\u80a1\u4e1c\u5927\u4f1a\u4f1a\u8bae\u8bb0\u5f55\u3001\u80a1\u4e1c\u540d\u5355\u3001\u80a1\u4efd\u7533\u8d2d\u8bc1\u660e\uff0c\u4ee5\u53ca\u4e3a\u8bc1\u660e\u6240\u51fa\u8d44\u8d27\u5e01\u503a\u6743\u7684\u5b58\u5728\u548c\u4ef7\u503c\u7684\u516c\u53f8\u4f1a\u8ba1\u8d26\u7c3f\u526f\u672c\u7b49\u6587\u4ef6\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%9C%A8%E6%97%A5%E6%9C%AC%E5%AE%9E%E6%96%BDDES%E6%97%B6%E7%9A%84%E9%87%8D%E8%A6%81%E6%B3%95%E5%BE%8B%E4%B8%8E%E7%A8%8E%E5%8A%A1%E6%B3%A8%E6%84%8F%E4%BA%8B%E9%A1%B9\"><\/span>\u5728\u65e5\u672c\u5b9e\u65bdDES\u65f6\u7684\u91cd\u8981\u6cd5\u5f8b\u4e0e\u7a0e\u52a1\u6ce8\u610f\u4e8b\u9879<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u867d\u7136DES\u662f\u4e00\u79cd\u6709\u6548\u7684\u8d22\u52a1\u6539\u5584\u624b\u6bb5\uff0c\u4f46\u5176\u6267\u884c\u8fc7\u7a0b\u4e2d\u4f34\u968f\u7740\u91cd\u5927\u7684\u6cd5\u5f8b\u98ce\u9669\u548c\u7a0e\u52a1\u98ce\u9669\u3002\u5ffd\u89c6\u8fd9\u4e9b\u98ce\u9669\u53ef\u80fd\u4f1a\u5bfc\u81f4\u610f\u5916\u7684\u635f\u5931\u548c\u8d23\u4efb\u3002<\/p>\n\n\n\n<p>\u5728\u6cd5\u5f8b\u98ce\u9669\u65b9\u9762\uff0c\u7279\u522b\u9700\u8981\u6ce8\u610f\u7684\u662f\u201c\u4ef7\u503c\u586b\u8865\u8d23\u4efb\u201d\u3002\u8fd9\u662f\u6307\uff0c\u5982\u679c\u4ee5\u5b9e\u7269\u51fa\u8d44\u7684\u8d22\u4ea7\u4ef7\u503c\u663e\u8457\u4f4e\u4e8e\u516c\u53f8\u89c4\u5b9a\u7684\u51fa\u8d44\u989d\uff0c\u76f8\u5173\u65b9\u9700\u5411\u516c\u53f8\u652f\u4ed8\u4e0d\u8db3\u989d\u7684\u4e49\u52a1\u3002\u6839\u636e\u65e5\u672c\u516c\u53f8\u6cd5\uff08\u65e5\u672c\u6cd5\uff09\u7b2c212\u6761\u548c\u7b2c213\u6761\uff0c\u5982\u679c\u51fa\u73b0\u8fd9\u79cd\u60c5\u51b5\uff0c\u5b9e\u7269\u51fa\u8d44\u8005\uff08\u5728DES\u4e2d\u4e3a\u503a\u6743\u4eba\uff09\u4ee5\u53ca\u6267\u884c\u52df\u96c6\u804c\u52a1\u7684\u8463\u4e8b\u7b49\uff0c\u9700\u8fde\u5e26\u8d1f\u8d23\u586b\u8865\u4e0d\u8db3\u989d<sup><\/sup>\u3002\u5373\u4f7f\u5728\u514d\u9664\u5ba1\u67e5\u5f79\u8c03\u67e5\u7684\u60c5\u51b5\u4e0b\uff0c\u5982\u679c\u4e8b\u540e\u5224\u65ad\u51fa\u8d44\u7684\u503a\u6743\u4ef7\u503c\u8bc4\u4f30\u4e0d\u5f53\uff0c\u4ecd\u7136\u5b58\u5728\u88ab\u8ffd\u7a76\u6b64\u8d23\u4efb\u7684\u98ce\u9669\u3002\u56e0\u6b64\uff0c\u786e\u8ba4\u51fa\u8d44\u7684\u503a\u6743\u5728\u6cd5\u5f8b\u4e0a\u6709\u6548\uff0c\u4e14\u5177\u6709\u76f8\u5f53\u4e8e\u8d26\u7c3f\u4ef7\u503c\u7684\u5b9e\u8d28\u4ef7\u503c\u81f3\u5173\u91cd\u8981\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u5728\u5b9e\u52a1\u64cd\u4f5c\u4e2d\uff0c\u66f4\u4e3a\u4e25\u91cd\u7684\u95ee\u9898\u5f80\u5f80\u662f\u7a0e\u52a1\u98ce\u9669\uff0c\u5373\u5bf9\u201c\u503a\u52a1\u6d88\u706d\u6536\u76ca\u201d\u7684\u5f81\u7a0e\u3002\u4ece\u7a0e\u6cd5\u89d2\u5ea6\u770b\uff0c\u516c\u53f8\u82e5\u83b7\u5f97\u503a\u52a1\u514d\u9664\uff0c\u8be5\u514d\u9664\u91d1\u989d\u88ab\u89c6\u4e3a\u516c\u53f8\u7684\u5229\u6da6\uff08\u76ca\u91d1\uff09\uff0c\u6210\u4e3a\u6cd5\u4eba\u7a0e\u7684\u5f81\u7a0e\u5bf9\u8c61<sup><\/sup>\u3002\u5728DES\u7684\u80cc\u666f\u4e0b\uff0c\u5982\u679c\u6d88\u706d\u7684\u503a\u52a1\u8d26\u7c3f\u4ef7\u503c\u4e0e\u53d1\u884c\u7684\u80a1\u7968\u5e02\u4ef7\u4e4b\u95f4\u5b58\u5728\u5dee\u989d\uff0c\u8fd9\u4e00\u5dee\u989d\u53ef\u80fd\u88ab\u8ba4\u5b9a\u4e3a\u201c\u503a\u52a1\u6d88\u706d\u6536\u76ca\u201d\uff0c\u5e76\u53d7\u5230\u5f81\u7a0e<sup><\/sup>\u3002\u4f8b\u5982\uff0c\u4e3a\u6d88\u706d1\u4ebf\u65e5\u5143\u7684\u501f\u6b3e\u800c\u53d1\u884c\u5e02\u4ef7\u4e3a5000\u4e07\u65e5\u5143\u7684\u80a1\u7968\uff0c\u90a3\u4e485000\u4e07\u65e5\u5143\u7684\u5dee\u989d\u53ef\u80fd\u6210\u4e3a\u503a\u52a1\u6d88\u706d\u6536\u76ca\u7684\u5f81\u7a0e\u5bf9\u8c61\u3002\u5373\u4f7f\u662f\u4e3a\u4e86\u8d22\u52a1\u6539\u5584\u800c\u5b9e\u65bdDES\uff0c\u4e5f\u5fc5\u987b\u907f\u514d\u56e0\u9700\u8981\u652f\u4ed8\u5927\u91cf\u7a0e\u6b3e\u800c\u53cd\u800c\u6076\u5316\u8d44\u91d1\u6d41\u52a8\u6027\u7684\u60c5\u51b5<sup><\/sup>\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%AD%A6%E4%B9%A0%E6%97%A5%E6%9C%AC%E6%A1%88%E4%BE%8B%E9%A3%8E%E9%99%A9%EF%BC%9A%E4%B8%93%E5%AE%B6%E8%A7%A3%E9%87%8A%E4%B9%89%E5%8A%A1%E8%A2%AB%E4%B8%A5%E6%A0%BC%E8%BF%BD%E7%A9%B6%E7%9A%84%E6%A1%88%E4%BE%8B\"><\/span>\u5b66\u4e60\u65e5\u672c\u6848\u4f8b\u98ce\u9669\uff1a\u4e13\u5bb6\u89e3\u91ca\u4e49\u52a1\u88ab\u4e25\u683c\u8ffd\u7a76\u7684\u6848\u4f8b<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4ece\u5b9e\u9645\u7684\u65e5\u672c\u88c1\u5224\u4f8b\u4e2d\u53ef\u4ee5\u660e\u663e\u770b\u51fa\uff0c\u4e0eDES\uff08Debt-Equity Swap\uff0c\u503a\u52a1\u80a1\u6743\u8f6c\u6362\uff09\u76f8\u5173\u7684\u7a0e\u52a1\u98ce\u9669\u7684\u4e25\u91cd\u6027\u3002\u7279\u522b\u503c\u5f97\u5173\u6ce8\u7684\u662f\uff0c\u4e13\u4e1a\u4eba\u58eb\u5373\u7a0e\u7406\u58eb\u7684\u89e3\u91ca\u4e49\u52a1\u8fdd\u53cd\uff0c\u5728\u4e1c\u4eac\u5730\u65b9\u6cd5\u9662\uff08Tokyo District Court\uff092016\u5e745\u670830\u65e5\u7684\u5224\u51b3\u4e2d\u53d7\u5230\u4e86\u4e25\u683c\u7684\u8ffd\u7a76\u3002<\/p>\n\n\n\n<p>\u5728\u8fd9\u4e2a\u6848\u4ef6\u4e2d\uff0c\u4e00\u5bb6\u7a0e\u7406\u58eb\u6cd5\u4eba\u5411\u5176\u987e\u95ee\u5ba2\u6237\u4f01\u4e1a\u63d0\u51fa\u4e86\u4f5c\u4e3a\u6240\u6709\u8005\u9057\u4ea7\u7a0e\u5bf9\u7b56\u7684DES\u6267\u884c\u5efa\u8bae\u3002\u7136\u800c\uff0c\u5728\u6b64\u8fc7\u7a0b\u4e2d\uff0c\u8be5\u7a0e\u7406\u58eb\u6cd5\u4eba\u672a\u80fd\u5145\u5206\u89e3\u91ca\u6267\u884cDES\u5c06\u5bfc\u81f4\u516c\u53f8\u4ea7\u751f\u5927\u91cf\u7684\u503a\u52a1\u6d88\u706d\u6536\u76ca\uff0c\u5e76\u56e0\u6b64\u88ab\u5f81\u6536\u7ea63\u4ebf\u65e5\u5143\u7684\u6cd5\u4eba\u7a0e\u8fd9\u4e00\u91cd\u5927\u98ce\u9669\u3002\u7ed3\u679c\uff0c\u6267\u884c\u4e86DES\u7684\u516c\u53f8\u88ab\u8feb\u652f\u4ed8\u4e86\u610f\u6599\u4e4b\u5916\u7684\u5de8\u989d\u7a0e\u6b3e\u3002<\/p>\n\n\n\n<p>\u6cd5\u9662\u5168\u9762\u8ba4\u5b9a\u4e86\u7a0e\u7406\u58eb\u6cd5\u4eba\u7684\u8d23\u4efb\uff0c\u5e76\u5224\u4ee4\u5176\u8d54\u507f\u516c\u53f8\u906d\u53d7\u7684\u5168\u90e8\u635f\u5931\u3002\u5728\u5224\u51b3\u4e2d\uff0c\u6cd5\u9662\u6307\u51fa\uff0c\u4e0eDES\u76f8\u5173\u7684\u503a\u52a1\u6d88\u706d\u6536\u76ca\u7684\u7a0e\u52a1\u98ce\u9669\uff0c\u5bf9\u4e8e\u7a0e\u52a1\u4e13\u5bb6\u6765\u8bf4\u662f\u5e38\u8bc6\u6027\u7684\u4e8b\u9879\u3002\u6cd5\u9662\u8fdb\u4e00\u6b65\u6307\u51fa\uff0c\u4f5c\u4e3a\u4e13\u4e1a\u4eba\u58eb\u63d0\u4f9b\u54a8\u8be2\uff0c\u5c31\u6709\u4e49\u52a1\u5177\u4f53\u4e14\u5145\u5206\u5730\u89e3\u91ca\u8fd9\u7c7b\u91cd\u5927\u98ce\u9669\uff0c\u4ee5\u4fbf\u5ba2\u6237\u80fd\u591f\u7406\u89e3\uff0c\u5e76\u8ba4\u4e3a\u5ffd\u89c6\u8fd9\u4e00\u70b9\u8fdd\u53cd\u4e86\u4e13\u4e1a\u4eba\u58eb\u7684\u6ce8\u610f\u4e49\u52a1\u3002<\/p>\n\n\n\n<p>\u8fd9\u4e00\u5224\u4f8b\u6e05\u695a\u5730\u8868\u660e\uff0cDES\u4e0d\u4ec5\u4ec5\u662f\u516c\u53f8\u6cd5\u4e0a\u7684\u7a0b\u5e8f\u8bba\u9898\uff0c\u5373\u4f7f\u6cd5\u5f8b\u4e0a\u5b8c\u7f8e\u65e0\u7f3a\u5730\u6267\u884c\u4e86DES\uff0c\u5982\u679c\u5ffd\u89c6\u4e86\u7a0e\u52a1\u4e0a\u7684\u5f71\u54cd\uff0c\u4e5f\u53ef\u80fd\u5bf9\u4f01\u4e1a\u7ecf\u8425\u9020\u6210\u6bc1\u706d\u6027\u7684\u6253\u51fb\u3002\u5728DES\u7684\u89c4\u5212\u548c\u6267\u884c\u4e2d\uff0c\u4e0d\u53ef\u6216\u7f3a\u7684\u662f\u6db5\u76d6\u516c\u53f8\u6cd5\u548c\u7a0e\u6cd5\u4e24\u4e2a\u9886\u57df\u7684\u7efc\u5408\u6027\u77e5\u8bc6\uff0c\u5bf9\u4e13\u4e1a\u4eba\u58eb\u800c\u8a00\uff0c\u8fd9\u5c31\u8d4b\u4e88\u4e86\u6781\u9ad8\u7684\u6ce8\u610f\u4e49\u52a1\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%8F%A6%E4%B8%80%E7%A7%8D%E6%96%B9%E6%B3%95%EF%BC%9A%E4%B8%8E%E2%80%9C%E6%8B%9F%E6%80%81DES%E2%80%9D%E6%AF%94%E8%BE%83\"><\/span>\u53e6\u4e00\u79cd\u65b9\u6cd5\uff1a\u4e0e\u201c\u62df\u6001DES\u201d\u6bd4\u8f83<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4e3a\u4e86\u907f\u514d\u5b9e\u7269\u51fa\u8d44\u578bDES\uff08Debt Equity Swap\uff09\u6240\u4f34\u968f\u7684\u503a\u52a1\u6d88\u706d\u5229\u76ca\u7684\u7a0e\u52a1\u98ce\u9669\uff0c\u5728\u5b9e\u52a1\u4e2d\u6709\u65f6\u4f1a\u91c7\u7528\u88ab\u79f0\u4e3a\u201c\u62df\u6001DES\u201d\u7684\u65b9\u6cd5\u3002\u8fd9\u79cd\u65b9\u6cd5\u5728\u7ecf\u6d4e\u5b9e\u8d28\u4e0a\u4e0e\u5b9e\u7269\u51fa\u8d44\u578bDES\u76f8\u540c\uff0c\u4f46\u901a\u8fc7\u6539\u53d8\u6cd5\u5f8b\u5f62\u5f0f\u6765\u5bfb\u6c42\u4e0d\u540c\u7684\u7a0e\u52a1\u6548\u679c\u3002<\/p>\n\n\n\n<p>\u62df\u6001DES\u7531\u4ee5\u4e0b\u4e24\u4e2a\u8fde\u7eed\u7684\u4ea4\u6613\u6784\u6210\uff1a<\/p>\n\n\n\n<ol start=\"1\">\n<li>\u9996\u5148\uff0c\u503a\u6743\u4eba\u5411\u516c\u53f8\u8fdb\u884c\u4e0e\u666e\u901a\u7b2c\u4e09\u65b9\u589e\u8d44\u76f8\u540c\u7684\u201c\u73b0\u91d1\u201d\u51fa\u8d44\uff0c\u5e76\u56e0\u6b64\u83b7\u5f97\u80a1\u4efd\u3002<\/li>\n\n\n\n<li>\u7136\u540e\uff0c\u516c\u53f8\u4f7f\u7528\u8fd9\u7b14\u652f\u4ed8\u7684\u73b0\u91d1\u6765\u201c\u507f\u8fd8\u201d\u5bf9\u8be5\u503a\u6743\u4eba\u7684\u503a\u52a1\u3002<\/li>\n<\/ol>\n\n\n\n<p>\u5728\u8fd9\u79cd\u65b9\u6cd5\u4e2d\uff0c\u503a\u52a1\u4e0d\u662f\u901a\u8fc7\u5b9e\u7269\u51fa\u8d44\u7684\u201c\u6df7\u540c\u201d\u6d88\u706d\uff0c\u800c\u662f\u901a\u8fc7\u73b0\u91d1\u7684\u201c\u507f\u8fd8\u201d\u6d88\u706d\u3002\u7531\u4e8e\u73b0\u91d1\u652f\u4ed8\u7684\u589e\u8d44\u548c\u73b0\u91d1\u507f\u8fd8\u503a\u52a1\u5206\u522b\u6784\u6210\u72ec\u7acb\u7684\u4ea4\u6613\uff0c\u56e0\u6b64\u539f\u5219\u4e0a\u4e0d\u4f1a\u4ea7\u751f\u516c\u53f8\u7684\u503a\u52a1\u6d88\u706d\u5229\u76ca\uff0c\u53ef\u4ee5\u907f\u514d\u7a0e\u52a1\u98ce\u9669\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u62df\u6001DES\u4e5f\u5b58\u5728\u98ce\u9669\u3002\u5982\u679c\u7a0e\u52a1\u5f53\u5c40\u5c06\u8fd9\u4e00\u7cfb\u5217\u4ea4\u6613\u5b9e\u8d28\u4e0a\u89c6\u4e3a\u4e00\u4e2a\u6574\u4f53\uff0c\u5e76\u5224\u65ad\u5176\u76ee\u7684\u4ec5\u5728\u4e8e\u51cf\u8f7b\u7a0e\u8d1f\uff0c\u53ef\u80fd\u4f1a\u5c06\u5176\u89c6\u4e3a\u201c\u907f\u7a0e\u884c\u4e3a\u201d\u4e88\u4ee5\u5426\u8ba4\uff0c\u5e76\u53ef\u80fd\u50cf\u5bf9\u5f85\u5b9e\u7269\u51fa\u8d44\u578bDES\u4e00\u6837\u5f81\u7a0e\u3002<\/p>\n\n\n\n<p>\u4e0b\u9762\u6211\u4eec\u5c06\u5b9e\u7269\u51fa\u8d44\u578bDES\u4e0e\u62df\u6001DES\u7684\u4e3b\u8981\u533a\u522b\u603b\u7ed3\u5728\u8868\u683c\u4e2d\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><td>\u6bd4\u8f83\u9879\u76ee<\/td><td>\u5b9e\u7269\u51fa\u8d44\u578bDES<\/td><td>\u62df\u6001DES<\/td><\/tr><\/thead><tbody><tr><td>\u6cd5\u5f8b\u6784\u6210<\/td><td>\u503a\u6743\u7684\u5b9e\u7269\u51fa\u8d44<\/td><td>\u73b0\u91d1\u51fa\u8d44\u4e0e\u503a\u52a1\u507f\u8fd8\u7684\u7ec4\u5408<\/td><\/tr><tr><td>\u503a\u52a1\u6d88\u706d\u7684\u539f\u56e0<\/td><td>\u6df7\u540c<\/td><td>\u507f\u8fd8<\/td><\/tr><tr><td>\u516c\u53f8\u6cd5\u4e0a\u7684\u7a0b\u5e8f<\/td><td>\u5b9e\u7269\u51fa\u8d44\u7684\u7a0b\u5e8f<\/td><td>\u73b0\u91d1\u51fa\u8d44\u7684\u7a0b\u5e8f<\/td><\/tr><tr><td>\u503a\u52a1\u6d88\u706d\u5229\u76ca\u7a0e\u52a1\u98ce\u9669<\/td><td>\u5b58\u5728<\/td><td>\u539f\u5219\u4e0a\u4e0d\u5b58\u5728\uff08\u4f46\u6709\u88ab\u8ba4\u5b9a\u4e3a\u907f\u7a0e\u884c\u4e3a\u7684\u98ce\u9669\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u9009\u62e9\u54ea\u79cd\u65b9\u6cd5\u9700\u8981\u7efc\u5408\u8003\u8651\u7a0e\u52a1\u98ce\u9669\u3001\u7a0b\u5e8f\u7684\u660e\u786e\u6027\u4ee5\u53ca\u88ab\u5f53\u5c40\u8ba4\u5b9a\u4e3a\u907f\u7a0e\u884c\u4e3a\u7684\u53ef\u80fd\u6027\u7b49\u56e0\u7d20\uff0c\u9700\u8981\u9ad8\u5ea6\u7684\u6218\u7565\u6027\u5224\u65ad\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%80%BB%E7%BB%93\"><\/span>\u603b\u7ed3<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u503a\u52a1\u80a1\u6743\u4e92\u6362\u662f\u4e00\u79cd\u975e\u5e38\u6709\u6548\u7684\u624b\u6bb5\uff0c\u53ef\u4ee5\u6539\u5584\u4f01\u4e1a\u7684\u8d22\u52a1\u7ed3\u6784\u5e76\u4f7f\u5176\u91cd\u83b7\u65b0\u751f\u3002\u7136\u800c\uff0c\u6267\u884c\u8fd9\u4e00\u7b56\u7565\u5c31\u50cf\u662f\u64cd\u7eb5\u4e00\u628a\u950b\u5229\u7684\u5251\uff0c\u5fc5\u987b\u7cbe\u786e\u9075\u5b88\u65e5\u672c\u516c\u53f8\u6cd5(Japanese Corporate Law)\u89c4\u5b9a\u7684\u5b9e\u7269\u51fa\u8d44\u7a0b\u5e8f\uff0c\u540c\u65f6\u5982\u4f55\u7ba1\u7406\u56e0\u503a\u52a1\u6d88\u5931\u800c\u4ea7\u751f\u7684\u91cd\u5927\u7a0e\u52a1\u98ce\u9669\uff0c\u8fd9\u662f\u51b3\u5b9a\u6210\u8d25\u7684\u5173\u952e\u3002\u5728\u9009\u62e9\u5b9e\u7269\u51fa\u8d44\u578bDES\u8fd8\u662f\u64ec\u4f3cDES\u65f6\uff0c\u5fc5\u987b\u5177\u5907\u5bf9\u6cd5\u52a1\u548c\u7a0e\u52a1\u53cc\u65b9\u9762\u7684\u6df1\u5165\u4e86\u89e3\u548c\u8c28\u614e\u89c4\u5212\u3002<\/p>\n\n\n\n<p>Monolith\u5f8b\u5e08\u4e8b\u52a1\u6240\u62e5\u6709\u4e3a\u56fd\u5185\u5916\u591a\u6837\u5316\u5ba2\u6237\u63d0\u4f9b\u503a\u52a1\u80a1\u6743\u4e92\u6362\u6267\u884c\u76f8\u5173\u7684\u4e30\u5bcc\u54a8\u8be2\u7ecf\u9a8c\u3002\u6211\u4eec\u7684\u56e2\u961f\u4e2d\u6709\u591a\u540d\u5177\u5907\u5916\u56fd\u5f8b\u5e08\u8d44\u683c\u7684\u82f1\u8bed\u4f7f\u7528\u8005\uff0c\u80fd\u591f\u5e94\u5bf9\u56fd\u9645\u6848\u4ef6\u3002\u6211\u4eec\u63d0\u4f9b\u5168\u9762\u7684\u652f\u6301\uff0c\u4ece\u9075\u5faa\u65e5\u672c\u516c\u53f8\u6cd5\u7684\u4ea4\u6613\u6784\u6210\u548c\u7a0b\u5e8f\u6267\u884c\u652f\u6301\uff0c\u5230\u76f8\u5173\u7a0e\u52a1\u548c\u6cd5\u52a1\u98ce\u9669\u7684\u8bc6\u522b\u53ca\u51cf\u8f7b\u7b56\u7565\u7684\u63d0\u8bae\u3002\u4e3a\u4e86\u5b89\u5168\u4e14\u6709\u6548\u5730\u5229\u7528\u8fd9\u4e9b\u590d\u6742\u7684\u8d22\u52a1\u7b56\u7565\uff0c\u8bf7\u5145\u5206\u5229\u7528\u6211\u4eec\u7684\u4e13\u4e1a\u77e5\u8bc6\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u503a\u52a1\u80a1\u6743\u8f6c\u6362\uff08Debt-Equity Swap\uff0c\u4ee5\u4e0b\u7b80\u79f0\u201cDES\u201d\uff09\u662f\u4f01\u4e1a\u6539\u5584\u8d22\u52a1\u72b6\u51b5\u548c\u5b9e\u65bd\u7ecf\u8425\u91cd\u5efa\u7684\u6709\u529b\u624b\u6bb5\u3002\u8be5\u4ea4\u6613\u6307\u7684\u662f\u4f01\u4e1a\u5c06\u5176\u6240\u627f\u62c5\u7684\u503a\u52a1\uff08Debt\uff09\u8f6c\u6362\u4e3a\u516c\u53f8\u80a1\u672c\uff08Equity\uff09\u4e2d\u7684\u80a1\u4efd\u3002\u5177\u4f53\u6765\u8bf4\uff0c\u6301\u6709\u516c\u53f8\u503a\u6743\u7684\u503a\u6743\u4eba\u5c06\u5176\u503a\u6743\u8f6c\u4e3a\u516c\u53f8\u51fa\u8d44\uff0c\u5e76\u56e0\u6b64\u83b7\u5f97\u516c\u53f8\u7684\u80a1\u4efd\u3002\u8fd9\u79cd\u65b9\u6cd5\u6f5c\u5728\u5730\u80fd\u591f\u620f\u5267\u6027\u5730\u6539\u5584\u8d1f\u503a\u7d2f\u7d2f\u7684\u4f01\u4e1a\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u3002\u4f8b\u5982\uff0c\u901a\u8fc7\u51cf\u5c11\u503a\u52a1\u548c\u589e\u52a0\u81ea\u6709\u8d44\u672c\uff0c\u53ef\u4ee5\u6d88\u9664\u8d44\u4e0d\u62b5\u503a\u7684\u72b6\u6001\uff0c\u5e76\u6062\u590d\u91d1\u878d\u673a\u6784 [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":68420,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,85],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/zh-cn\/wp-json\/wp\/v2\/posts\/68419"}],"collection":[{"href":"https:\/\/monolith.law\/zh-cn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/zh-cn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/zh-cn\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/zh-cn\/wp-json\/wp\/v2\/comments?post=68419"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/zh-cn\/wp-json\/wp\/v2\/posts\/68419\/revisions"}],"predecessor-version":[{"id":68672,"href":"https:\/\/monolith.law\/zh-cn\/wp-json\/wp\/v2\/posts\/68419\/revisions\/68672"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/zh-cn\/wp-json\/wp\/v2\/media\/68420"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/zh-cn\/wp-json\/wp\/v2\/media?parent=68419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/zh-cn\/wp-json\/wp\/v2\/categories?post=68419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/zh-cn\/wp-json\/wp\/v2\/tags?post=68419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}